Cary Street Partners Asset Management LLC Has $547,000 Stake in Bank of America Co. (NYSE:BAC)

Cary Street Partners Asset Management LLC lowered its holdings in shares of Bank of America Co. (NYSE:BAC) by 7.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,791 shares of the financial services provider’s stock after selling 1,044 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in Bank of America were worth $547,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Quent Capital LLC increased its position in shares of Bank of America by 3.6% during the first quarter. Quent Capital LLC now owns 29,760 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 1,037 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Bank of America by 541.8% in the 1st quarter. Larson Financial Group LLC now owns 10,449 shares of the financial services provider’s stock valued at $396,000 after purchasing an additional 8,821 shares during the period. Richardson Financial Services Inc. lifted its holdings in shares of Bank of America by 57.9% in the first quarter. Richardson Financial Services Inc. now owns 2,182 shares of the financial services provider’s stock valued at $83,000 after purchasing an additional 800 shares in the last quarter. DAVENPORT & Co LLC boosted its position in shares of Bank of America by 4.9% during the first quarter. DAVENPORT & Co LLC now owns 390,384 shares of the financial services provider’s stock worth $14,803,000 after buying an additional 18,379 shares during the period. Finally, Mitchell Capital Management Co. grew its holdings in shares of Bank of America by 4.5% during the first quarter. Mitchell Capital Management Co. now owns 24,869 shares of the financial services provider’s stock worth $943,000 after buying an additional 1,082 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.4 %

Shares of BAC opened at $41.89 on Wednesday. The firm’s 50-day simple moving average is $40.61 and its 200 day simple moving average is $39.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $321.42 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 1.42 and a beta of 1.32. Bank of America Co. has a 52 week low of $27.34 and a 52 week high of $44.44.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.26 earnings per share for the current year.

Bank of America declared that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.48%. Bank of America’s dividend payout ratio is presently 37.82%.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares of the company’s stock, valued at $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of Bank of America stock in a transaction on Monday, August 19th. The stock was sold at an average price of $39.65, for a total value of $199,638,463.70. Following the transaction, the insider now owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the completion of the sale, the insider now directly owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,067,817 shares of company stock worth $4,548,518,070 in the last 90 days. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

BAC has been the topic of several research reports. Cfra restated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research note on Tuesday, July 16th. Oppenheimer boosted their price objective on shares of Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price for the company in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Finally, BMO Capital Markets raised their price objective on Bank of America from $38.00 to $40.00 and gave the company a “market perform” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $42.97.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.